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Australia: consumer confidence plunges while business conditions lowest in 19 months

AUDUSD News by Newsroom on 21:04 December 12, 2016 EST
Trading conditions for Australian businesses fell to the lowest level seen in almost two years in November, raising further concerns about the underlying strength in the economy.

According to the latest business survey of more than 500 firms released by the National Australia Bank on Tuesday, the index measuring business conditions — an aggregate of the survey’s trading conditions, profitability and employment subindices — fell to +5 in November, the lowest level seen since May 2015.

NAB's chief economist Alan Oster warned that business leaders may have little basis for optimism. "We are becoming increasingly concerned about the underlying momentum in the economy as evidence mounts that the non-mining economy is losing steam," he noted in the report.

Government figures out last week showed the economy shrank 0.5 per cent in the third quarter, the first contraction since 2011.

AUD/USD trades at 0.7501, up 0.07%, while USD/JPY is at 115.05, up 0.03%.